Range expands Barnett shale holdings

By OGJ editorsHOUSTON, Dec. 27 -- Range Resources Corp. is acquiring Barnett shale properties from a subsidiary of DTE Energy Co. and a private company for $305 million.

The transaction is expected to close in January, at which time Range will assume operation of the properties.

The properties cover 14,000 net acres in Tarrant, Denton, Johnson, Ellis, Parker, and Hill counties. Production is 14 MMcfd of gas equivalent. Production is expected to increase to 18 MMcfd of gas equivalent in the first quarter.

Several newly drilled wells are being placed on production. The total properties being acquired contain 51 producing wells and Range has identified 183 drilling locations.